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Mortgage Broker News | 06 Jan 2011, 12:00 PM Agree 0
In what could be a warning of things to come for Canadians who may struggle their mortgage payments if interest rates rise, it has been reported that more than 2 million people in Britain have used credit cards to pay their mortgage or rent, an increase of almost 50 per cent in a year, according to the housing and homelessness charity Shelter.
  • mortgage needs | 07 Jan 2011, 09:27 AM Agree 0
    In fairness to the banks, we cannot quite compare mortgage rates secured on real property, with unsecured credit card facility. This of course is not to say that it wouldn't be nice to have greater moderation in risk premiums and fee charges relating to credit card use.
  • mortgage needs | 07 Jan 2011, 09:58 AM Agree 0
    ...credit card rates ] will happen in such a scenario. The use of credit card at say 16 - 18% or 21%, will be temporary. These people will be headed to Alternative and Private Lenders for slightly cheaper money if there is room for 2nd mortgages at the back. And if they have problems refinancing at "A" because of employmnent or income discruptions, they will also be headed first to Alternative and then Private Lenders for Re-Fi.
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